Alderan Resources Limited provided an update on Rio Tinto subsidiary, Kennecott Exploration Company's (KEX or Kennecott), drill hole SAWM0011 testing the Reciprocity target at Alderan's Frisco Project in Utah, USA. Assays for 113 samples have been received for SAWM0011 which was drilled to test a prominent IP survey conductivity anomaly with associated metal zoning on the margin of the Cactus stock between the historical Washington and Imperial mines. The hole was drilled to a depth of 304.65m and intersected garnet-pyroxene skarn throughout its length with minor monzonite dykes occurring to a depth of 166m.

The skarn is mostly un-mineralised with only trace galena-sphalerite-pyrite observed. Two one metre mineralised intervals with higher contents of pyrite and molybdenite-tennantite-pyrite-galena-sphalerite respectively occur below the monzonite towards the bottom of the hole. Mineralisation is weak overall with Cu-Ag strongest proximal to the monzonite contact.

Quartz-calcite- sphalerite-galena+/-pyrite-chalcopyrite veins are found sporadically throughout the hole. Maximum assays for key elements include 104.5ppm Cu, 76.7ppm Mo, 753ppm Pb and 1170ppm Zn. KEX's assessment is that mineralisation intersected is likely related to the monzonite stock, rather than an older porphyry system targeted by the drillhole and it is concluded that the phase of the Cactus Stock Monzonite seen in this hole is unlikely to be the causative intrusive for the skarn at Reciprocity.

The Frisco Project lies approximately 300km southwest of Salt Lake City in Utah and contains numerous historical copper-gold and lead-zinc-silver mines such as the Horn Silver mine and the Cactus and Imperial copper mines. Mineralisation at Frisco consists of skarn or carbonate replacement deposits containing copper and other base and precious metals at Accrington, plus breccia-hosted copper-gold-silver mineralisation such as at Cactus Mine. Historical exploration has also intersected copper-molybdenum mineralisation within several deeper holes in Upper Cactus Canyon.

Frisco was explored historically for copper and gold, including by Alderan, prior to signing an agreement with KEX in November 2019. Under the terms of the farm in agreement, KEX can earn up to a 70% interest in the project through spending USD 30 million on exploration in three stages over a total of 10 years. The first stage requires KEX to spend USD 6.0 million by November 2023 to earn a 55% interest.

KEX's exploration target at Frisco is a porphyry copper-gold-molybdenum deposit.